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Police Pension Fund Board Minutes 2008 08-12-08 Yorkville Police Pension Board APPROVED BY THE 804 Game Farm Road `DDMr,/11-T - Yorkville, Illinois 60560 ON: -.x .[?�gpgRD President- acting Todd Overmyer Vice President Todd Overmyer Secretary- Ofcr. Dan Pleckham Tresurer- United City of Yorkville Bill Powell Meeting Minutes for 08/12/08 Call to order 5:12 pm Present: Chief Harold Martin, Retired Sgt. Greg Sibenaller, Ofcr./Sec.Dan Pleckham, Pres. Larry Debord, Vice Pres. Todd Overmyer: Guests: Tres. Bill Powell, Atty.Cary Collins, Dwight Okaloor(sp) MVT. Previous meeting minutes reviewed, no changes made and accepted. Motion HM, 2"d. TO. all in favor. Communication: Statements from MVT were handed out for review and discussed. LD read note regarding "network day at races" for MVT and all are invited. Monthly Tresurer rept. Tres. Bill Powell arrived late and rept not given at this time. Delayed until Nov. meeting Real estate tax levy was discussed and tim Sharp was contracted to submit to the city for filing. Bills for payment: Due to an agenda change at the last minute, some bills for payment will be delayed until Nov. per HM. MVT have an automatic deduction from Schwab account. Cary Collins $600.00 were paid accordingly. Motion HM, 2Nd TO motion carried Tim Sharp for actuarial study Delayed...Bill Powell for treasurer duties and Kelly Zbinski $200.00 New Business: Dwight Okaloor (sp) reviewed investment straegy and gave book on investment we are in. This booklet will also be placed in squadroom for all to review. Dwight continued explaining where all MVT employees are now assigned to duties. Dwight further explained that after we have reached 2.5 million in funds we moved our investments from 90%/10% bond/equities to 65%/35% investment bond/equities. 2nd quarter performance is down due to economy 15 fixed. 1.59 %was target. Equities 1.88%with 2.7% as target. Gain was a loss of$44,000.00 or total 2%. No further questions or comments. Dwight stated Kelly Zbinski requested from MVT and was sent today rept. for audit. Dwight then left. Yorkville Police Pension Board 804 Game Farm Road Yorkville, Illinois 60560 President- acting Todd Overmyer Vice President Todd Overmyer Secretary- Ofcr. Dan Pleckham Tresurer- United City of Yorkville Bill Powell Cary Collins reviewed article 5088- the vendor disclosure and gift ban act and continued on by stating that pension funds will be required to submit to an audit for public review any person reviewing a benefit and how much. If there are any discrepancies the board or the tresuruer we should review all calculations again. These were introduced by the IML and stem from recent decisions of Fields vs. Village of Schuamberg as an example. Motion made to amend the agenda from regular schedule..tape ends. Tape resumes with introductions of guests from 1 st National Bank of Yorkville. Names inaudible. These individuals wanted to state that they are in town now and are familiar with pension funds. West Chicago and Mokena Fire Protection District as clients. They are a subsidiary of The I"National Bank of LaGrange. Qualified I1. Domestic relations Act was discussed regarding Terry Klingel and after receiving$50.00 check information will be disemminated. Additional New Business: LD made motion to transfer$50,000 from YNB to MVT 2nd TO all in favor. DP made motion to accept John Hunter and Behr Pfizenmier to fund. 2nd LD all in favor. Motion to adjourn 6:22 pm LD, 2"d GS all in favor. Next meeting Nov. 18 2008 5:00 pm